The world was stunned when the United Kingdom voted to leave the European Union. Reverberations from this decision, which split the population almost evenly—52 percent in favor of exiting, and 48 percent in favor of staying—are just being felt in different sectors of culture and the economy. Following the decision, the pound sterling dipped to “to levels not seen since 1985,” the BBC reports, and it remains to be seen how auctions and primary market sales will be affected.

Here’s everything you need to know about Brexit, as it relates to the art world.

The European Union and the Union flag sit together on bunting on March 17, 2016 in Knutsford, United Kingdom. Photo: Christopher Furlong/Getty Images.